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Alan Santana, a crypto analyst at TradingView, has done just that predicted that the Bitcoin price could potentially have a drastic impact plummet to new lows around $35,720, driven by moderate buying volume. The analyst has stated that the current state of the market is bearish, highlighting potential manipulation by whale investors.
Bitcoin price may fall to $35,720
According to Santana, Bitcoin has witnessed 75 days bullish activity but has not yet reached expected new price peaks and is currently trading at a lower high below $70,000. While the cryptocurrency hit an All-Time High (ATH) in March, surging past $73,000, Santana has concluded that the overall The market has turned relatively bearish.
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He disclosed that most of the Bitcoin price action between August 5 and today is part of a reverse correction, indicating that prices have risen but not reached new peaks.
Santana also stated that the current Bitcoin price action confirms this to be the case no bullish momentum. He attributed this lack of momentum to being muted whale activitieshighlighting that there are currently no buyers or purchasing volumes at current market levels.
Because of these bearish conditions, Santana predicted that Bitcoin could eventually crash to $35,720, marking a massive 46.68% drop to new lows. This also means that the price of Bitcoin will fall by almost half, causing panic and fear among retail and whale investors.
Contrary to Santana’s bearish analysis, the price of Bitcoin is up 5.56% and is trading at $68,203, according to CoinMarketCap. The cryptocurrency is gradually rising and reaching the $70,000 mark, driven by positive changes in market sentiment and historically bullish fourth quarter.
Although Santana has remained steadfast in his bearish predictions of Bitcoin due to its limited purchasing power, the analyst has also received severe backlash from several members of the crypto community. One member criticized Santana’s bearish Bitcoin forecast and suggested there were flaws in his analysis. Others accused the analyst of trying to manipulate investors by using a Bitcoin chart from a Blofin exchange, which typically has less transaction activity.
Bitcoin Market Manipulation and Bears
Despite the heat from crypto members, Santana believes that manipulation of the market has led to the current bearish price action in Bitcoin. The analyst emphasizes that the price of Bitcoin can be artificially manipulated by large holders or so-called Whales.
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He stated that these whales can pushing up the price of Bitcoin hoping that retail investors will dive into the market and buy, eventually creating a bullish wave. According to Santana, if there aren’t any real ones Bitcoin buyersthe alleged manipulation could have an adverse effect, potentially leading to losses for the said market manipulators.
Santana has revealed that retail investors are no longer easily fooled into buying Bitcoin at the top, showing more caution due to previous cycles of manipulation and hype. He also revealed that buyers are not swayed by exaggerated predictions of substantial future profits by analysts, claiming that Bitcoin could reach $3,000,000.
Featured image created with Dall.E, chart from Tradingview.com